Hayward Hospital Named As Distressed Hospital Loan Program Participant
HAYWARD, CA — St. Rose Hospital in Hayward is one of 17 hospitals in the state that will receive funding from the Distressed Hospital Loan Program which aims to guarantee access to necessary health services by providing zero-interest loans to public and nonprofit community hospitals.
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The Distressed Hospital Loan Program, which was created by Assembly Bill 122, is part of an effort to keep struggling community hospitals open. Participants in the program, including St. Rose Hospital, along with Chinese Hospital in San Francisco, Sonoma Valley Hospital in Sonoma and Bay Area Community Health (formerly Tri-City Health Center) in Fremont will all receive loans between $3 and $33 million funded by the state of California.
While the program received 30 applications, the California Health Facilities Financing Authority (a department at the State Treasurer’s Office providing loans to certain health care providers) and the California Department of Health Care Access and Information, which jointly administer the program, prioritized hospitals with the greatest financial distress, highest risk of closing and well-founded plans to remain open and provide care to communities.
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In May, Newsom announced an initial $150 million for the program but has since doubled its funding. The state will now provide close to $300 million in loans to the 17 hospitals selected to participate. Most of those hospitals are located in rural areas of the state and serve lower-income people and communities of color.
The departments are scheduled to release the loans in the coming weeks with the program set to end Dec. 31, 2031.
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Bay City News contributed to this story.
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